India-China team on multiplex ventue

Plans to invest $30 million over six months

In a rare example of convergence between the Indian and Chinese movie industries, Pyramid and Longzhe Culture and Theater has opened its first multiplex in China.

The joint venture company — involving Indian multiplex operator Pyramid Saimira and China’s Jiangsu Longzhe Group and the China Society of Music Research Board — plans to invest $30 million over the next six months and open six more plexes by the end of December. It plans to launch 25 theaters in all.

This week it opened a two-plex in Huainan with a games zone, food court and karaoke facilities. Next is a four-screener in Liyang that will open in November.

Pyramid, which is a digital cinema pioneer in India and has expanding exhib interests in the U.S., Malaysia and Singapore, says all the cinemas are equipped with digital projectors.

“We always knew that China was a huge potential market to tap, and after signing the historic deal with CSMRB, we initiated work at a very brisk pace,” said Venkat, chief operating officer of Pyramid Saimira’s Chinese joint venture.

Jiangsu Longzhe describes itself as “a comprehensive body licensed to deal in diversified businesses, services and social activities for the development of China,” with interests in education, the arts and geosynthetics.

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